i am starting to collect my s.s. but am still working. If I go over the amount allowed how does s.s. get repaid.
2006-08-27 10:32:46 · 9 answers · asked by bhoho 1 in Business & Finance ➔ Other - Business & Finance
You'll go into another tax bracket and have to pay big fat bucks...
2006-08-27 10:37:21 · answer #1 · answered by Angela 7 · 0⤊ 1⤋
I'll assume that you're on Social Security as a retirement benefit. If so, the rules are easy and I've included them below. If you're on Social Security SSDI or SSI because of a disability, the rules for working while on these programs are different and more complex and you should talk with a benefits advocate.
If you were born January 2, 1941, through January 1, 1942, your full retirement age for retirement insurance benefits is 65 years and 8 months. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn.
If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2006, SSA will deduct $1 from your benefits for each $2 you earned above $12,480.
If you attain full retirement age during 2006, SSA will deduct $1 from your benefits for each $3 you earn above $33,240 until the month you attain full retirement age.
SSA publishes a booklet about retirement benefits and working:http://www.ssa.gov/pubs/10069.html
2006-08-29 11:04:22 · answer #2 · answered by althegrrl 3 · 0⤊ 0⤋
If you make too much and report the true amount of income to the Social Security administration your disability claim will be reviewed.
2006-08-27 10:38:02 · answer #3 · answered by Jeff P 2 · 0⤊ 0⤋
you lose some social security, I think. I believe my mom said it was on a two for one basis. Every 2 dollars over a certain amount costs you 1 dollar in SS.
2006-08-27 10:38:32 · answer #4 · answered by ceprn 6 · 0⤊ 0⤋
After the age of 65, it does not matter you can earn as much as you want. Before 65, they will probably adjust your next check. Call them they'll tell you. They probably have a website.
2006-08-27 10:41:10 · answer #5 · answered by benndeb8 3 · 0⤊ 0⤋
im over 65 and collecting ss im making about 22,000 this year. what happens to the money im paying to ss each week.
2015-04-23 09:15:20 · answer #6 · answered by Frank 1 · 0⤊ 0⤋
is your overage taken out by the month or at the end of the year
2014-10-13 05:41:20 · answer #7 · answered by mark 1 · 0⤊ 0⤋
They cut the ammount of your monthly check.
2006-08-27 10:39:38 · answer #8 · answered by S.A.M. Gunner 7212 6 · 0⤊ 0⤋
only 22.00
2015-06-22 13:39:07 · answer #9 · answered by Patricia 1 · 0⤊ 0⤋